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Manor F1 may need an investor to save it from collapse according to reports out of Europe. Photo by LAT PHOTOGRAPHIC

Reports: Manor F1 goes into administration

The future of the team has again been cast into doubt

January 6, 2017

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The Manor F1 team fell into administration on Friday and will go out of business should the organization fail to secure a new investor. FRP Advisory LLP was named as join administrators of Just Racing Services Ltd -- the company that operates Manor.

Fears for Manor’s future began to surface after the Brazilian Grand Prix in November when Sauber driver Felipe Nasr finished ninth, scoring two points and relegating Manor to the bottom of the constructor’s championship standings. This saw Manor miss out on around $13.5 million in prize money.

Stephen Fitzpatrick, owner of the Ovo energy company, stepped in to save the team – then branded as Marussia – when they faced a similar crisis ahead of the 2015 season.

"Today’s decision to put the team into administration represents a disappointing end to a two year journey for Manor,” said Fitzpatrick in a statement released by Manor. "Over much of the last year we have been in discussions with several investor groups, and had finally agreed terms of a sale to an Asian investment consortium in December. This would have provided the team with a strong platform for continued growth and development. Unfortunately time ran out before they could complete the transaction. Not wishing to repeat events of the past, we resolved in 2015 not to start any season that we did not know for certain we could complete, so we have taken the difficult decision to put the team’s operating company into administration.

"When I took over the team in 2015, the challenge was clear; it was imperative that the team finish in 10th place or better in 2016. For much of the season we were on track. But the dramatic race in Brazil ended our hopes of this result and ultimately brought into doubt the team’s ability to race in 2017. I look back on 2016 with pride in what Manor accomplished in what was the most successful year in the team’s history. I would like to thank the team for their constant hard work, determination and passion. We made a huge amount of progress on and off track but ultimately it was not enough."

Manor have over 200 staff working for the team and, while no cuts have been made as of yet, the clock is ticking for a resolution to be found.